Etisalat secures shareholder support for Maroc Telecom bid

29 May 2013 |

Etisalat has received approval from shareholders for the financing package to back its bid for Maroc Telecom, according to local sources.

The Gulf telecom operator is in competition with Qatar-based Ooredoo for Vivendi’s 53% stake in Maroc Telecom.

Etisalat held a general shareholders meeting (EGM) yesterday which concluded that the company could borrow up to €6.67 billion for the bid, an amount which exceeds its capital.

There was a quorum of 68% at the EGM, according to reports.